Yes Bank fires 500 staff, undertaking reconstruction to cut operating expenses, says report

livemint.com:

sacked at least 500 staff across verticals to undertake restructuring, The Economic Times reported, citing sources.The private sector lender has given fired employees three months salary as severance pay, one source added.Livemint could not independently verify the report.“Yes Bank launched an internal restructuring exercise at the advice of a MNC consultant. So far, around 500 have been asked to go and we can see more sackings in the coming weeks," one source told ET.Sources added that the bank is looking to cut costs and shift towards digital banking instead of manual help, it added.Responding to queries, a spokesperson for Yes Bank told the paper it is looking to be an agile organisation, which is "leaner, faster, customer-centric", adding that optimising the workforce is a "periodic" exercise."In our endeavour to be an agile, future-ready organisation which is and operationally efficient, we periodically undertake a thorough review of the way we operate and optimise our workforce.

We are committed to delivering the best of our banking services to our customers and deliver the full potential of the bank to our stakeholders," the spokesperson told the paper.The report noted that employee expenses grew 12 per cent from FY23 to FY24, costing ₹3,363 crore and ₹3,774 crore, respectively. As of FY24, Yes Bank had 28,000 staff.